Private & Confidential

Sequa Petroleum

Company overview

March 2016

Management team

1

► A team of six executives with an Oil Major pedigree, deal execution track record and financial discipline

► Extensive leadership experience in Majors, IOCs and Service Industry

► Experienced local management teams in the UK, Norway and Kazakhstan

► Advanced technical and engineering capabilities enable the unlocking of maximum value

► Strong understanding of commodity cycles and M&A dynamics

Jim Luke

MD

33 years’ experience

• Senior management • Operations• Production• Engineering• Drilling

COO

35 years’ experience

• Senior management• Corporate governance • JV management• Operations• Exploration• Geoscience

Peter Haynes

MD

Technical

26 years’ experience

• Senior management• Project development• Petroleum engineering• Marketing

Jelte Bosma

MD

Business Dev.

20 years’ experience

• Senior management• Legal• Corporate governance• M&A• Financing

Robin Storey

GC & Company Sec

26 years’ experience

• Senior management• Business

development• Commercial

structures • Field development

CEO

22 years’ experience

• Senior management • Corporate

development• Corporate gov.• Financing, M&A• Investor relations

Benjamin Lee

CFO (interim)

Jacob Broekhuijsen MD

2

Unprecedented opportunity to acquire high quality assets at distressed valuations Temporary oversupply and major oil price collapse due to shale oil growth and Saudi change of strategy Liquidity distress causes outsized CAPEX cuts across industry, and availability of assets at distressed valuations Market fundamentals dictate medium term supply shortfall and equilibrium prices in excess of $70 per barrel

Create value in a cyclical industry through asset acquisition, optimisation and monetisation Identify material assets with proven resources, current or near term production, and value upsides Acquire, optimise and monetise assets throughout the cycle through technical and financial excellence Pursue balanced portfolio in select areas with low marginal cost and exploit growth potential and synergies

Highly skilled management with technical, operational, financial and M&A capability Strong global and local industry relationships through Sequa Petroleum and its local business units M&A pipeline with 8 targets with potential for deal execution within a year Pipeline includes public and private companies, distressed corporates and direct asset purchases

Execution capability proven by deal track record in a changing market Gina Krog – highly attractive development play at historic discount to comparable transactions Wintershall assets – disciplined approach terminated transaction before completion Kazakhstan licence – upside potential with no immediate capital commitment

Privileged access to capital Sapinda has top financial expertise and a track record of supporting companies’ growth through cycles Stable, committed and aligned shareholders work closely with management to fully exploit the industry opportunity Public market listing gives investors liquidity, and provides flexibility to deploy strategy

Sequa Petroleum – a unique oil and gas company positioned for success

Opportunity

Strategy

Edge

Depletion effect over 5 MMbbl / year

Exceptional asymmetric risk-reward profile for buyers to accelerate portfolio and value growth

Market environment creates an unparalleled investment opportunityA historic change in the oil market environment

3

Oil prices are at an unprecedented new low since 2001 as a result of OPEC’s collapsed pricing model

Major players have announced capital investment reductions of c. $400bn to date; additional capex at risk at sustained low oil price

OPEC spare production capacity is currently at an all-time low of c. 1%, which limits its capability to prolong oversupply

Mounting expectation of medium term supply shortage, starting in 2017 and increasing towards 2020

Distressed sellers are matching distressed market bids, forming a buyer’s market

Decline ~5 mbopd per annum

Implications

Marginal cost of new oil supply 2015-20 (kb/d new production, $)

Expected rebalancing towards the end of 2016 Global average of c. 6% annual production decline from

current fields requires over 5 MMbbl per day replacement capacity, every year

New capacity requirement is over 25bn bbl total for 5 years, growing to 100bn bbl for 10 years

Mid and long term average oil price has to exceed the marginal incentive cost of new supply (over $70 per bbl to exceed 15bn bbl of new capacity)

Geopolitical risk premiums are likely to return and add to the oil price once oversupply is diminished

Global production decline of producing fields

Source: Deutsche Bank Source: UBS Global Research, 12 January 2016

Mark

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Exploration Appraisal Develop Construct Production Market

Aksai Gina Krog

Strategy takes into account cyclical business nature to ensure shareholders’ value

Identification of attractive assets in the current oil price cycle…

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Sequa’s principal investment criteria High quality assets with known

hydrocarbons Assets with current or near-term

production and cash flow Assets in the lower 50% of the

industry marginal cost curve Undervalued assets that can be

produced, developed, optimised and monetized

Avoid areas with high geopolitical risk

Conventional E&P approach Companies are built from

exploration over a long period with highly uncertain outcomes

Effect of Low oil price

Buy Assets

MonetiseAssets

Conventional approach of a Junior E&P Company

Sequa Petroleum leverages current market conditions by building company on Production & Cash-flow

Norway provides a secure platform for growth in a unique investor friendly environment

Norway: excellent tax environmentOil & Gas in Norway An attractive and stable investment environment for oil and

gas companieso Strong government support for new independent oil and

gas companieso A tax regime that provides strong investment incentives

and significant downside protection: up to 94% of development CAPEX can be refunded by the Government

o Transparent joint venture friendly regulation The NCS is an area with huge resource volume potential

o Prospectivity proven by ongoing large discoveries

5

Country overview

Strong sovereign government rated AAA and highly stable Europe’s largest oil and gas producer and having the highest

remaining commercial reserves of c. 25bn boe Low geopolitical risk and rare isolation from geopolitical crises Lowest risk environment for oil and gas globally

Tax relief for c. 94% of field investments

Norway is in a sweet spotin a low oil price environment2

0%

20%

40%

60%

80%

100%

Investment Tax position

Non refundable

Uplift 15%

Special Petroleum Tax50%

Corporate tax 28%

Uplift 16%

Special Petroleum Tax53%

Corporate Tax 25%

Norway offers a superior country risk environment1

Source: Rystad Energy, Norwegian Government1 Sovereign Risk Index, Euromoney2 Adapted from “Straws in the sand”, The Economist. Figures are 2015 break-even oil price (price at which profit is made, $ per bbl)

Rank Rank Change Country Overall

Score

1 0 Norway 90.12

2 0 CH 89.02

3 0 SG 88.73

4 +4 DK 85.07

5 -1 LU 84.77

6 -1 SE 84.53

7 -1 FI 83.62

8 -1 NL 83.23

9 0 CA 80.91

10 +1 DE 80.86

Back

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Gina Krog – at a glance

Gina Krog overview Asset location

Reserves metrics (100%, PDO area only)1

Gina Krog is amongst the largest field developments on the NCS

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An oil and gas field in the central part of the North Sea on the Norwegian Continental Shelf (NCS), located 250 km west of Stavanger and 30 km northwest of the Sleipner A installation

Field discovered in 1974 in the Middle Jurassic Hugin reservoir, with additional oil volumes discovered in 2007

After 15% acquisition from Total, partners are Statoil (operator, 58.7%), Total (15%), PGNiG (8.0%) and Det Norske (3.3%)

Gina Krog is among the largest field developments currently ongoing on the NCS Experienced operator Statoil has progressed development and expect Gina Krog

to become key area infrastructure on the NCS Project over halfway, planned completion remains within budget and on schedule

with first production Q2 2017 Contingent resources are 47 mmboe1 in addition to the 2P reserves of 260 mmboe

Gina Krog 2P estimated production profile (gross kboe/day) 1,2

1Source: Rystad Energy; WoodMackenzie; Gina Krog EIA; Statoil publications; Company estimates; Independent Evaluation of Gina Krog for Tellus Petroleum by AGR Petroleum Services AS2 Source: Statoil NPF conference presentation profile 2014 (scaled up to 260 million boe reserves)

0

10

20

30

40

50

60

70

80

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

'000 boepd gross

Oil and condensate NGL Sales gas

160-190

260

330-360

0

100

200

300

400

1P 2P 3P

Reserves (mmboe)

0

2

4

6

8

10

12

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2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

'000 boepd net

Oil and condensate NGL Sales gas AGR+segments, net

Estimated production profile with potential upsides (boe/day, 15%)

Gina Krog geographical resource allocation

Gina Krog – upside potential

1Source: Rystad Energy; WoodMackenzie; Gina Krog EIA; Statoil publications; Company estimates; Independent Evaluation of Gina Krog for Tellus Petroleum by AGR Petroleum Services AS2 Source: NPD Databases

Significant upsides are being pursued

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Gina Krog has material upsides beyond its 2P reserves1: Additional recovery from the PDO area (solid red line on map) through

development optimisations Prolongation of the oil production plateau from additional development of

appraisal segments not included in the initial PDO (dotted line in prod. graph)o 3 significant appraisal segments: East 3, Central 3 and East 4o The East 3 segment was successfully drilled in 2015

Further resource potential from explorationo Currently two identified opportunities in the license areao Fanten and Rampen are being evaluated for drilling

Cost reductions through faster actual drilling performance and acceleration of hook-up and commissioning project execution

Cost reductions and tariff income from satellite developments to Gina Krog (e.g. Eirin) and to Sleipner (e.g. Alpha Central)

PDO

2PVolumes

Exploration

Appraisal #1

Appraisal #3Appraisal #2

Exploration

Historically, most large fields on the NCS have significantly outperformed their initial PDO submissions2

Upside from outside PDO area

Reserves & Resources (Tellus Petroleum, 15%, PDO area only)1

24-2839

50-54

0

20

40

60

1P 2P 3P

Reserves (mmboe)

Gina Krog acquisition is at a highly attractive discountAcquisition highlights

Tellus, Sequa Petroleum’s 100% subsidiary in Norway, signed deal to acquire 15% of the Gina Krog license unit from Total in October 2015

Effective deal date is 1 January 2015 Production is expected to commence in Q2 2017, reaching peak

production of c. 11,000 boepd net Capex estimated at $15 per boe and Opex also $15 per boe

(over field life from 1 Jan 2015) Tellus has been approved as a new NCS license holder, and the

deal has received all the necessary government approvals Tellus management is very experienced, with strong relationships

across the NCS

Attractive valuation metrics

5 Year Average Finding & Development Costs (USD/bbl) – Peers2

Gina Krog very well positioned on the cost curve and acquired at highly attractive entry point

Highly attractive entry cost, based on effective date being after 2 years of capex and several years of appraisal and development

All-in Tellus expenditure, prior to production start, of $360mn equating to $9.2 (pre-tax) per boe of 2P reserves

Total will retain Gina Krog remaining tax balances per the effective date

The price paid implied a more than 50% discount to similar transactions completed in Norway

High asset quality and Gina Krog breakeven costs place the asset in best half of the world’s oil and gas marginal cost developments

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PDO area Project Cost (Tellus Petroleum, 15%)1

49.1

42.3

31.328.1 27.3

18.5 17.3 17.2 16.1

9.2

0

10

20

30

40

50

60

OMV BP Shell Statoil Eni MOL BG Repsol GALP

Gina Krog cost to first production USD$9/boe

pre-tax benefits

1 Source: Gina Krog EIA; NPD; Statoil publications; Rystad Energy; WoodMackenzie; Company estimates; Independent Evaluation of Gina Krog for Tellus Petroleum by AGR Petroleum Services AS2 Source: UBS Global Oil and Gas Analyser, 9 September 2015

0

50

100

150

200

2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039

US

D m

n

Gina Krog PDO Area - Net Project Costs Tellus 15% WI - USD mn

CapexOpexAbex

Kazakhstan provides for strong potential with no immediate capital requirements

Kazakhstan license provides for growth potential

75% of Aksai license: 2,379 km2 surrounding the super-giant Karachaganak gas-condensate-oil field in the Pre-Caspian Basin

Karachaganak is one of the world’s largest oil discoveries, estimated to hold over 1 trillion cubic meters of gas and over 1 billion tons of oil o The field has already passed its payback point i.e. historic capex has

already been earned backo A new independent production system for a field extension would not

be required as Karachaganak is already in productiono Through unitization, extensions would have a faster timeline to

monetisation compared to new developments Initial 5,300 metre pre-salt deep well into one of the potential extension

areas in 2014o Asset book value maintained, well written off but left for re-entry

Recently acquired seismic data being interpreted to evaluate well results, further key opportunities and options for the Aksai contract areao Extension(s) of the Karachaganak field into Aksai acreageo Deeper reservoir layers with significant hydrocarbon volumeso Further exploration potential around Karachaganak

The licence is extended until July 2018 to continue appraisal and exploration activity

Aksai - Kazakhstan

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Pursue balanced portfolio in select areas with low marginal cost, exploit growth potential and synergies

Sequa Petroleum’s strategic investment areasInternational focus

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Focus on areas where political / fiscal / commercial stability and geological prospectivity allow for stable high returns and growth Selective NW Europe locations and in particular Norway (current focus area) Caspian Region and in particular Kazakhstan (current focus area) West / East Africa low cost conventional oil (future focus area)

NW EuropeLow risk environment

• Large producing and development area• Strong local team• Reviewing several opportunities

Sub Saharan Africa Low cost oil

• Local strategic partner• Target exceptional assets for rapid

production growth

KazakhstanMaterial opportunities

• Local team established• Strong relationships in place• Track record as operator

1

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A B C D E F G H

Country

Asset type Oil/Gas Oil & Gas Oil & Gas Oil Oil Gas Oil & Gas Oil Oil & Gas

Status Production Production Production Development Development Production Development Appr/Devt

Timing for first oil Year 2016 2016 2016 2017 2022 2016 2018 2018

Target equity % 10 5 10 10 30 various 100 50

Net Production Boepd 3-5,000 5-10,000 8-12,000 6-7,000 5-10,000 10-20,000 5-10,000 5-10,000

Deal pipeline highlights multiple opportunities to create further value

High quality opportunities are increasingly available at very attractive acquisition parameters

Current opportunity pipeline

11

Appendix

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FridtjofJebsenCEO

25 years experience from senior management, strategy, BD, finance, M&A

With Saga Petroleum (‘91-’99) within corporate planning and M&A&D

Partner Innovation Strategic Consulting (‘99-’02)

Man. Dir. NCS Strategy & BD advisory firm PetroAdvisor (‘03-’12)

Founder of Tellus Petroleum (2012).

Geir Chr. MelenCFO

25 years of experience within in oil & gas and health care sectors

Saga Petroleum within strategy, economics and finance (‘90-’97)

CFO PhotoCure and Algeta (’97-’08),

CEO of Clavis and Ostomycure (‘08-’12)

Einar F. SembBD & Commercial Director

32 years experience in oil & gas within commercial, BD, economics

With Saga and First Securities before co-founding PetroAdvisor in 2001

Experience as Chief Negotiator, Chief Commercial Advisor, BD Advisor

Co-founder of Tellus (2012)

Sjur TalstadSubsurface & GrowthDirector

28 years experience in oil & gas from NCS and international assignments

Statoil (‘87-’08) within subsurface & technology and as VP Sleipner assets

Seconded to BP (‘91-’94, Azerbaijan) and Chevron (‘97-’00, Venezuela)

CEO and EVP of AGR Petroleum Services (‘08-’15)

Ivar HaalandField Develop.& HSEQ Director

29 years experience from oil & gas and energy consulting

With Saga and First Securities before co-founding PetroAdvisor in 2001

Key expertise within field development, asset management, strategy/BD

Co-founder of Tellus (2012)

Claus Frimann-DahlOperations Director

29 years experience in oil & gas from NCS and international roles

Phillips P. (‘86-93), Norsk Hydro (‘93-98), Amerada Hess (‘98-’03)

CTO/COO of Ener Petroleum/Dana Petroleum NCS (‘07-’12).

Key expertise with reservoir management and operations

14

Tellus: highly experienced local management team in Norway with strong NCS track record

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In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, targets, estimates or forecasts contained in this Presentation and nothing in this Presentation is or should be relied on as a promise or representation as to the future. For the purposes of the United Kingdom’s Financial Services and Markets Act 2000 (“FSMA”), this Presentation is exempt from the general restriction in section 21 of FSMA on the communication of invitations or inducements to engage in investment activity on the grounds that the Presentation is directed at, and must not be acted or relied upon by persons in the United Kingdom other than, (i) persons having professional experience in matters relating to investment and who are investment professionals (as defined in article19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”); or (ii) high net worth companies unincorporated associations and other bodies (as defined in article 49 of the Financial Promotion Order) or (iii) other persons to whom it may be lawfully communicated (all such persons together being referred to as "Relevant Persons"), and the investments or investment activities to which the Presentation relates are available only to Relevant Persons and will be engaged in only with such Relevant Persons. 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The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions.This Presentation includes forward-looking statements. The Company has based these forward-looking statements on its current expectations and projections about future events and typically contain words such as “anticipate”, “assume”, “believe”, “estimate”, “expect”, “forecast”, “plan”, “intend”, “will” and words of similar substance. These forward-looking statements are subject to risks, uncertainties, and assumptions about the Company and the business environment. The Company’s actual results of operations may differ materially from the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. 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